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Cryptos
Comments
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You honestly don’t believe crypto is used in money laundering?kentaddick said:
lol, i suppose if you're happy with western union taking a considerable cut. Many middle class people in africa use USDC as a secondary currency to send between countries.valleynick66 said:
And yet people do!kentaddick said:
the problem with this line of argument is they would then fail AML checks, so would be unable to launder it in any true sense. Also, if i was laundering money, I wouldn't use a public, easily accessible ledger to do it!valleynick66 said:
Particularly for those money laundering.kentaddick said:
perhaps, but there's considerable benefits to being able to send cross border payments (near) instantly and cheaply, also benefits for staking in stablecoin pools where you can generate better APY than any bank account i know of and it would be based on real usage not based off speculative investments by your bank. If that was backed by BoE that would come with considerable advantages. There'd also be considerable arbitrage opportunities at the beginning of each week, you'd be able to buy digital £ with a digital $, redeem for real £ and sell back to dollars.Dippenhall said:I dip into this thread from time to time a bit like an American watching cricket - bemused.
I get why digital currency could replace physical coinage and paper, but can’t see how it can work if the currency value is linked to the outcome of a game able to be run by fraudsters with rules that no fully one understands. Its only purpose seems as a medium for gambling, same as Bingo.
Token value is engineered by nothing other than random volatility dictated by unpredictable, and frequently irrational, behaviour of buyers and sellers. The pseudo rationality of views on market movements being given by those ITK generates spectator participation, but I think they all know it's just so much bullish*t.
I imagine the B of E are trying to see if they can invent a game of digital currency where they write the rules and act as umpire to control volatility and mirror fiat currency behaviours. The value would be, as now, relative to what other currencies it can be traded for; and its perceived ability to maintain purchasing power if held as a store of value. it's all about controlling supply.
The article on crypto currency addiction suggests it should be treated like other gambling addictions. I think it's a little different. One difference is, you don't immediately lose your stake as with other forms of gambling, and your losses are continuously visible until you sell out. In addition, the scale and frequency of high volatility, akin to massive stock market crashes, has the potential to be an ever present fear during every waking hour, not just until the 2.30 at Kempton Park has been run.
my point as much though is that international payments already work well and aren’t a barrier to trade. Of course they can continue to evolve and get better but it isn’t a glaring problem that crypto alone fixes.
re money laundering - citation needed.
western union and others of course take fees. But so will any player when you try and get your crypto exchanged for cash.0 -
nowhere near to the same level as some remittance companies. Ask people from african countries - many use crypto to move money from one country to another, rather than using remittance companies or using slow SWIFT transfers.valleynick66 said:
You honestly don’t believe crypto is used in money laundering?kentaddick said:
lol, i suppose if you're happy with western union taking a considerable cut. Many middle class people in africa use USDC as a secondary currency to send between countries.valleynick66 said:
And yet people do!kentaddick said:
the problem with this line of argument is they would then fail AML checks, so would be unable to launder it in any true sense. Also, if i was laundering money, I wouldn't use a public, easily accessible ledger to do it!valleynick66 said:
Particularly for those money laundering.kentaddick said:
perhaps, but there's considerable benefits to being able to send cross border payments (near) instantly and cheaply, also benefits for staking in stablecoin pools where you can generate better APY than any bank account i know of and it would be based on real usage not based off speculative investments by your bank. If that was backed by BoE that would come with considerable advantages. There'd also be considerable arbitrage opportunities at the beginning of each week, you'd be able to buy digital £ with a digital $, redeem for real £ and sell back to dollars.Dippenhall said:I dip into this thread from time to time a bit like an American watching cricket - bemused.
I get why digital currency could replace physical coinage and paper, but can’t see how it can work if the currency value is linked to the outcome of a game able to be run by fraudsters with rules that no fully one understands. Its only purpose seems as a medium for gambling, same as Bingo.
Token value is engineered by nothing other than random volatility dictated by unpredictable, and frequently irrational, behaviour of buyers and sellers. The pseudo rationality of views on market movements being given by those ITK generates spectator participation, but I think they all know it's just so much bullish*t.
I imagine the B of E are trying to see if they can invent a game of digital currency where they write the rules and act as umpire to control volatility and mirror fiat currency behaviours. The value would be, as now, relative to what other currencies it can be traded for; and its perceived ability to maintain purchasing power if held as a store of value. it's all about controlling supply.
The article on crypto currency addiction suggests it should be treated like other gambling addictions. I think it's a little different. One difference is, you don't immediately lose your stake as with other forms of gambling, and your losses are continuously visible until you sell out. In addition, the scale and frequency of high volatility, akin to massive stock market crashes, has the potential to be an ever present fear during every waking hour, not just until the 2.30 at Kempton Park has been run.
my point as much though is that international payments already work well and aren’t a barrier to trade. Of course they can continue to evolve and get better but it isn’t a glaring problem that crypto alone fixes.
re money laundering - citation needed.
western union and others of course take fees. But so will any player when you try and get your crypto exchanged for cash.0 -
I don't get this argument. I have been able to send cross-border payments (mainly US$ and Euro) near instantaneous and FREE for years. I have accounts based here denominated in US$, Euro and NZ$ and so don't have to worry about exchange rates. I just top up the FX accounts whenever I think the price is good.kentaddick said:
perhaps, but there's considerable benefits to being able to send cross border payments (near) instantly and cheaply, also benefits for staking in stablecoin pools where you can generate better APY than any bank account i know of and it would be based on real usage not based off speculative investments by your bank. If that was backed by BoE that would come with considerable advantages. There'd also be considerable arbitrage opportunities at the beginning of each week, you'd be able to buy digital £ with a digital $, redeem for real £ and sell back to dollars.Dippenhall said:I dip into this thread from time to time a bit like an American watching cricket - bemused.
I get why digital currency could replace physical coinage and paper, but can’t see how it can work if the currency value is linked to the outcome of a game able to be run by fraudsters with rules that no fully one understands. Its only purpose seems as a medium for gambling, same as Bingo.
Token value is engineered by nothing other than random volatility dictated by unpredictable, and frequently irrational, behaviour of buyers and sellers. The pseudo rationality of views on market movements being given by those ITK generates spectator participation, but I think they all know it's just so much bullish*t.
I imagine the B of E are trying to see if they can invent a game of digital currency where they write the rules and act as umpire to control volatility and mirror fiat currency behaviours. The value would be, as now, relative to what other currencies it can be traded for; and its perceived ability to maintain purchasing power if held as a store of value. it's all about controlling supply.
The article on crypto currency addiction suggests it should be treated like other gambling addictions. I think it's a little different. One difference is, you don't immediately lose your stake as with other forms of gambling, and your losses are continuously visible until you sell out. In addition, the scale and frequency of high volatility, akin to massive stock market crashes, has the potential to be an ever present fear during every waking hour, not just until the 2.30 at Kempton Park has been run.
Indeed before Brexit messed everything up, I often bought stuff direct from Germany and had it shipped over for much less than the same product cost here.0 -
cafcfan said:
I don't get this argument. I have been able to send cross-border payments (mainly US$ and Euro) near instantaneous and FREE for years. I have accounts based here denominated in US$, Euro and NZ$ and so don't have to worry about exchange rates. I just top up the FX accounts whenever I think the price is good.kentaddick said:
perhaps, but there's considerable benefits to being able to send cross border payments (near) instantly and cheaply, also benefits for staking in stablecoin pools where you can generate better APY than any bank account i know of and it would be based on real usage not based off speculative investments by your bank. If that was backed by BoE that would come with considerable advantages. There'd also be considerable arbitrage opportunities at the beginning of each week, you'd be able to buy digital £ with a digital $, redeem for real £ and sell back to dollars.Dippenhall said:I dip into this thread from time to time a bit like an American watching cricket - bemused.
I get why digital currency could replace physical coinage and paper, but can’t see how it can work if the currency value is linked to the outcome of a game able to be run by fraudsters with rules that no fully one understands. Its only purpose seems as a medium for gambling, same as Bingo.
Token value is engineered by nothing other than random volatility dictated by unpredictable, and frequently irrational, behaviour of buyers and sellers. The pseudo rationality of views on market movements being given by those ITK generates spectator participation, but I think they all know it's just so much bullish*t.
I imagine the B of E are trying to see if they can invent a game of digital currency where they write the rules and act as umpire to control volatility and mirror fiat currency behaviours. The value would be, as now, relative to what other currencies it can be traded for; and its perceived ability to maintain purchasing power if held as a store of value. it's all about controlling supply.
The article on crypto currency addiction suggests it should be treated like other gambling addictions. I think it's a little different. One difference is, you don't immediately lose your stake as with other forms of gambling, and your losses are continuously visible until you sell out. In addition, the scale and frequency of high volatility, akin to massive stock market crashes, has the potential to be an ever present fear during every waking hour, not just until the 2.30 at Kempton Park has been run.
Indeed before Brexit messed everything up, I often bought stuff direct from Germany and had it shipped over for much less than the same product cost here.
Again, that's all well and good moving money usdollar/euro (i also doubt that it's "free"), but people in african countries and around the world can't do the same.0 -
you could make the argument that the capitulation event/black swan is already in to start the next bull run. However, we could just go sideways all year in this range we're in and then dip down to 8/9k at the end of the year. Then will start the bull run just before the next halving.1 -
what if?0 -
arbitrum airdrop confirmed - upon this rock i shall build my church.0
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Coinbase also hit with a wells notice from the SEC. Sounds as if the SEC just never replied to any correspondence with coinbase (who they had no problem going public less than 2 years ago) but rather would go through the courts, where the SEC will probably get spanked. It’s sad that the US is so hostile to such an emerging market.cafcfan said:
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Arbitrum airdrop around 1pm uk time. Thinking it’ll trade around $1.40 I hope. May dump it and wait for a lower entry in a few days.0
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You get much? Saw loads were getting shafted with amounts despite smashing the eligibility criteria.kentaddick said:Arbitrum airdrop around 1pm uk time. Thinking it’ll trade around $1.40 I hope. May dump it and wait for a lower entry in a few days.0 -
A few thousand arb, a decent amount that I’m going to try and use for trading arb. But yeah, pretty sure I smashed through the bridging criteria (have a NFT to prove it) but wasn’t eligible for some reason - I know their apis were a bit busted on the announcement so may have changed for people. A shame the arbitrum odyssey and arbitrum portal missions basically meant nothing.cafcpolo said:
You get much? Saw loads were getting shafted with amounts despite smashing the eligibility criteria.kentaddick said:Arbitrum airdrop around 1pm uk time. Thinking it’ll trade around $1.40 I hope. May dump it and wait for a lower entry in a few days.0 -
bit of a shit show, but trading at around $1.35 now. Still waiting to claim my arb, but i'm comfy.0
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managed to claim my arb and sell at $1.53, will wait a couple of weeks and buy back lower.0
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Did you manage to purchase more ARB before it rose to 1.55 again? Any alt coin suggestions during this mini-bull market?kentaddick said:managed to claim my arb and sell at $1.53, will wait a couple of weeks and buy back lower.0 -
Logged in this morning for the first time in well over a year to buy a bit of Lukso and found I already had a chunk of more than I thought. Annoyingly couldn't do kyc as passport was at home and I was at work and it had done 15% today! Mainnet released this week, I reckon this could potentially rip.0
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Personally think we’ll see a pull back to 25k. Dollar looks like it’ll bounce from here.0
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and as if by magic... we have a pullbackkentaddick said:Personally think we’ll see a pull back to 25k. Dollar looks like it’ll bounce from here.0 -
mental day yesterday, 10% pump and then 10% retrace in a few hours. Still think we're close to the local top before we bleed down to ~20k for the rest of the year.0
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i did not, but looking to buy more at around 1.29BalladMan said:
Did you manage to purchase more ARB before it rose to 1.55 again? Any alt coin suggestions during this mini-bull market?kentaddick said:managed to claim my arb and sell at $1.53, will wait a couple of weeks and buy back lower.1 - Sponsored links:
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crazy day today, didn't get in on arb at 1.29 as i was freaked out by btc dumping. But picked some up, looks like it's gonna rip.0
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A question for the crypto experts on here. What's your view of Ziglu? Anyone a customer?
Asking for a friend :-)
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Nice ripple jump yesterday pulled my XLM north too0
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Bit of an increase on Bitcoin over the last week or so, what is this down to?0
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Expected incoming Blackrock ETF, general cycle in preparation for halving (next year). Bitcoin up 12% in the last 24, more than double that since Friday. Alts moving at a slower incremental, but will follow after BTC.DubaiCAFC said:Bit of an increase on Bitcoin over the last week or so, what is this down to?1 -
I'm pretty new to all this.
Anyone know much about coinbase?
Is it safe etc0 -
I just so happened to open an account with them last night. I haven't a clue what its all about but I did it because my internet supplier of stuff that isn't available likes to be paid in crypto. It does actually me make curious though just to buy some and see what happens. I'm will to risk a tennercarly burn said:I'm pretty new to all this.
Anyone know much about coinbase?
Is it safe etc
When you sign up you do get messages that tell you to buy what you can afford to lose because you run the risk of losing everything.1 -
One of the resident experts on the subject is currently banned but I would be very wary. Speculate by all means with money that you are prepared to lose in its entirety because there is little or no Government backed insurance should the company in question go bust or the Exchange that you chose to utilise be a fraudulent one. I'm a gambler/trader but it frightens even me to be honest and will do until such time as it totally falls within the boundaries of the FCA.carly burn said:I'm pretty new to all this.
Anyone know much about coinbase?
Is it safe etc2 -
I think we may well have the same provider @charltonkeston ;-)charltonkeston said:
I just so happened to open an account with them last night. I haven't a clue what its all about but I did it because my internet supplier of stuff that isn't available likes to be paid in crypto. It does actually me make curious though just to buy some and see what happens. I'm will to risk a tennercarly burn said:I'm pretty new to all this.
Anyone know much about coinbase?
Is it safe etc
When you sign up you do get messages that tell you to buy what you can afford to lose because you run the risk of losing everything.
Hence my question on the subject.
I'll be honest, I'm a little bit wary of it and not sure I'll be moving forward tbh.2
